*Soybeans fall 1.5 percent, corn down 1.9 percent. CHICAGO, Sept 1- Chicago Board of Trade corn and soybean futures fell sharply on Tuesday on concerns that commodity purchases from China will slow as that country's economy softens, traders said. Soybeans snapped a three-session winning streak.» Read More
The Weather Channel's Carl Parker reports on the worst drought in years, and the state of agriculture in the Midwest.
The price of grains continues its rise on prolonged drought worries, and Mike Harris of Campbell & Company, checks the charts for an investment opportunity. Amelia Bourdeau of Wespac, discusses whether the euro has hit bottom.
With nearly two-thirds of the US enduring drought conditions, food prices are expected to jump ahead of the November election. That could add to voter anxieties about the economy, the Christian Science Monitor reports.
Carl Icahn upped his stake in Navistar, with the Fast Money traders; and Barclays and Goldman Sachs are increasing their price forecast for grain futures as corn continues to rally, with Jim Bower, Bower Trading. "If this weather stays inflammatory, and we keep dropping this yield down on soybeans, we could be faced with a protein shortage worldwide in the months to come," says Bower.
Both corn and soybean prices have slid from Monday’s record highs and should be considered a buying opportunity if this pull-back continues in the short term, Erin FitzPatrick, Commodity Analyst at Rabobank, told CNBC.
Over the last 30 days corn is up 18.9 percent, wheat is up 30.9 percent, and soybeans have seen a 6.8 percent rise. These big moves are sparking concerns that products that use them will see price increases, especially with respect to corn.
CNBC's Jackie DeAngelis and Jane Wells report on the agriculture department's response to widespread drought conditions, Merck's new osteoporosis drug, and the buyer of Edvard Munch's "The Scream."
The U.S. government declared more than 1,000 counties in 26 states drought disasters, as the economic impact of the worst crop conditions in 24 years begins to be felt.
The USDA slashed projections of corn production by a larger than expected amount, now predicting an average yield of 146 bushels an acre. "My concern is we're underestimating the scope of the problem," says Gulke, who also advises farmers on risk management tools like futures with The Gulke Group.
After a multi-week rally, grain prices slumped Tuesday, as traders caught a whiff of summer rain in the forecast, ahead of a major government crop report Wednesday.
If you thought JPMorgan and agriculture prices have little in common, you’d probably be right. But they do share one characteristic — they are both headed lower, if the traders on Friday’s "Options Action" are correct.
Gillian Tett of the Financial Times says markets may be headed for another "summer curse" and she points to five reasons why.
Cocoa — the main ingredient for Kit Kats, Hershey’s bars and Snickers — may rally into the second-half of this year as low rainfall and drier weather forecast for Ivory Coast, the world’s leading cocoa supplier, threaten to reduce yields and deplete global stockpiles.
"If oil does go to $40, that means it'll just be setting up an even more bullish scenario for the duration of the bull market," the famous investor says.
CNBC's Rick Santelli discusses the impact heat is having on U.S. corn crop; and Weather Channel's Paul Walsh discusses how the heat wave is impacting consumers.
In sum, to ensure a world where hunger does not overwhelm society, bold leadership will be necessary to preserve civility in the global neighborhood.
Farmers have planted the most corn since 1937, but record-setting heat is threatening the crop yield, causing futures prices to jump.
Hemp is one of the most versatile crops in the world. For food products, only the hemp seed is used. The rest of the plant — the stalk or fiber, can be used for clothing, building materials or energy.
Corn is facing the worst crop conditions in two decades, pushing up prices that could affect everything from cereal to the ethanol in gasoline.
"If we do not see rain by probably July 4, the corn crop will be diminished dramatically," says Dennis Gartman of The Gartman Letter.